BRENT crude oil prices are ending the trading week rising near $65.50 per barrel. Moving averages indicate a bearish trend. Prices have broken through the signal lines below this area, indicating downward pressure from commodity sellers and potential further decline from current levels. Currently, we should expect an attempt at a bearish correction and a test of the support area near 63.35. Then, we should consider an upward rebound and continued growth above $76.05 per barrel.
Brent Weekly Forecast November 3 – 7, 2025
An additional signal in favor of rising oil prices this week will be a test of the support line on the relative strength indicator. The second signal will be a rebound from the lower boundary of the Head and Shoulders reversal pattern. A decline and breakout of 58.05 will cancel the upward trend in BRENT crude oil prices during the trading week of November 3-7, 2025. This will indicate a breakout of the support area and a continuation of the decline below 52.05. Confirmation of the upside is expected with a breakout of the resistance area and a close above 70.85, which would indicate a breakout of the upper boundary of the Head and Shoulders reversal pattern and the beginning of the pattern’s implementation with targets above.
Brent Weekly Forecast November 3 – 7, 2025 suggests an attempt to test the support area near 63.35. From this point, a rebound and an attempt to continue the rise in oil prices with a potential target at 76.05 should be expected. An additional signal in favor of an increase in oil prices will be a test of the trend line on the relative strength indicator. The upside scenario would be cancelled if the price falls and breaks the 58.05 level. This would indicate a break of the support area and a continued decline in oil prices with a target below the 52.05 level.
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